Large organizations, and in particular financial organizations such as banks, insurance companies, credit card companies or others, often employ or host contact centers or other units which hold numerous interactions with customers, users, suppliers or other persons on a daily basis. The interactions include phone calls using all types of phone equipment including landline, mobile phones, voice over IP and others, recorded audio events, walk-in center events, video conferences, e-mails, chats, captured web sessions, captured screen activity sessions, instant messaging, access through a web site, audio segments downloaded from the internet, audio files or streams, the audio part of video files or streams or the like.
Another aspect of the financial organization's activity is represented in the performed transactions, including managing accounts, transferring funds between accounts of the same person or entity, transferring funds between accounts belonging to different entities, making purchases, making investments, liquidating resources, or the like. The transactions are generally represented as computerized records, which are usually stored in a database stored on a storage device.
A part of ail interactions and transactions represent fraudulent activities or fraudulent attempts. Such fraudulent activities or fraud attempts can be of any type, including but not limited to identity theft, i.e., a person pretending to be another person, a deception act by an account holder in order to gain financial benefits, pretending to represent an entity without proper authorization, attempting to perform forbidden activities such as transferring money without authorization or without sufficient authorization, dishonestly denying credit card purchases, or the like.
Fraudulent activities and fraudulent attempts require significant resources from the financial organizations in detection and prevention of fraud. These resources have to be allocated, since all fraudulent acts eventually get discovered, because there is another person or entity on the losing side. However, the faster and more efficient the act is discovered, the more efficient is the damage control, and avoidance of further fraudulent acts.
Tracking the transactions on one hand, and monitoring many of the interactions on the other hand are labor intensive, and thus induce high expenses on the companies. However, even if major resources are used, prevention is incomplete and the organizations suffer heavy losses due to undetected or non-prevented activities. In addition, the time consuming ID verification stage required in every interaction also incurs high expenses on the organizations.
There is thus a need in the art for a system and method that will supply better detection and prevention for fraud activities in financial environments.